For a business, it is extremely important to accurately and swiftly deliver quotes to their leads. However, many companies that deal in highly configurable products often find themselves in deep waters, especially fastly delivering quotes without any mistakes. This is where SF CPQ comes in as a savior, facilitating customized orders, reducing errors, enhancing customer experience, and saving sales reps time. In this blog, we are going to give you a complete guide on What is Salesforce CPQ (configure, price, quote) and how it works. Additionally, we have covered its benefits, features, and who it is best fit for. All this will help you decide well for yourself how earning a Salesforce CPQ certification will help you in your career.
So, let's begin by answering the most important question first- what is Salesforce CPQ?
CPQ is the acronym for Configure, Price, and Quote. Salesforce CPQ is a part of the Salesforce CRM, which has been specifically curated to help organizations configure the prices of their services and products.
It is the most appropriate tool for sales optimization, generating quotes automatically at a much faster rate than ever possible by a sales rep. CPQ facilitates dealing with quotes in a much faster, flexible manner. Additionally, the chances of human errors go down to zero, since it's all done automatically.
As per a Market Growth Reports report, the global CPQ software market size is forecast to grow at a CAGR of 14.36% between 2022 and 2031, from $1028.32 USD to $2300.78 USD. Considering these numbers, joining Salesforce CPQ training today is a great way to begin.
SF CPQ is used by these professionals for different purposes.
Administrators customize and configure various Salesforce CPQ features to cater to the specific needs and plans of the organization. Their job is to make sure that SF CPQ is optimally usagable for the end users.
Partners implement this platform along with their other product offerings. These professionals integrate CPQ along with their solutions to give their customers and clients advanced quoting capabilities.
Users are the leaders in terms of delivering services to end users and clients. They are highly dependent on SF CPQ for creating and managing quotes to make sure that the quoting process is highly accurate and efficient.
Customers and end users who employ the services provided by SF CPQ gain advantages from the streamlines quoting process. This results in an enhanced buying experience.
Explore the igmGuru's Salesforce CPQ tutorial curated by experts to help you become proficient in SF CPQ.
The answer to how Salesforce CPQ works is actually pretty straightforward. Generally, a sales team consists of an outside sales team and an inside sales team. The ones outside collect customer requirements and send that information to the inside team members. These members then coordinate with the engineering and design build team for configuring a custom product and sending an accurate quote to the customer. Here is a breakdown of this process.
When the outside sales team is asked for a specific model, they enter the information in CPQ in real time. They use dynamic guided selling techniques inserted on their smartphones. As the inside sales team receives the information, they begin communication with the design team and engineering to commence the production.
Since all the customer needs are on CPQ, the chances of any errors by the engineering team are minimal.
SF CPQ boasts a multi-layer discounted logic, which facilitates in constructing a highly accurate price. It also has a fantastic discounting functionality, which renders sales reps with the chance to employ different levels of discounts. These include discretionary discounts, volume discounts, distributor discounts, etc.
The warranty information, discount expiration details, deal finance scenarios, and much more can be updated on CPQ. With just a click, all this information can be sent to the approval team to get approval for discounts and pricing.
Once the discount is approved, the quote is sent to the customer so they can check all the terms and conditions. Any changes needed by the customer can be marked in the same document, which is sent back for approval.
Once the quote is generated, the customer receives an electronically generated quote and is sent via mail for signing. Simultaneously, the quality assurance team, sales management team, internal sales reps, and fulfillment team are intimated via portals. Hence, reducing the sales cycle drastically.
You May Also Read- Salesforce CPQ Specialist Certification Guide & Tips
Since we have already talked about the growth rate of CPQ, there are no doubts about how the future of this software is going to be. However, where does Salesforce fit into this picture? Well, it is ranked as one of the top players on the list of leading and transformative CPQs.
To help you get a clearer picture, here are seven benefits of Salesforce CPQ.
SF CPQ applies various smart filters and rules, automating the process of tailoring a quote to meet the customer needs based on their selections. A PDF can be generated with just a few clicks to create a detailed quote.
With personalized and accurate quotes generated with SF CPQ, customers feel they are being given a special treatment. The more the information, the better the quote, making the client more likely to positively respond, leading to increased sales.
CPQ automates the process of quote generation, meaning less time is spent by sales reps on the same. Hence, they are able to divert their focus towards attracting potential clients, making their sales graph soar.
Seamless integration with Salesforce CRM facilitates optimization and standardization of the complete sales cycle, starting from the attraction stage and till the closing. With data standardization, all work teams get a more organized view of opportunities, products, contracts, customers, etc.
SF CPQ is super easy to use, along with being highly flexible. It drives prompt satisfaction and rapid assimilation of the company's needs.
As a customer reaches the stage of sale or negotiation, it is important to keep their focus directed towards the same. This can be done by presenting the quote as soon as possible, and without any errors.
SF CPQ, when combined with the Salesforce Billing add-on, lets your organization gain total control of the entire sales cycle, from quote to payment. Salesforce Billing can be used to take the order's record, generate the invoice, register the received payment, and complete revenue recognition.
Here are a few Salesforce CPQ features that make it such a brilliant tool.
So, here is this article we discussed what is Salesforce CPQ and how does it work? Salesforce CPQ (configure, price, quote) is a leading sales tool that allows sales teams to have an added advantage. Having the ability to curate instant and highly accurate quotes for services and products is no easy feat. But it is made easier with this tool.
There is a lot of potential in this field. When you decide to become a Salesforce CPQ Specialist, you are basically signing up for a successful career. A great way to get started is to enroll in a good Salesforce CPQ course, taught by industry professionals with good experience and expertise.
Salesforce CPQ stands for Configure, Price, Quote. This is a sales tool by Salesforce that is used by companies for providing accurate pricing everytime in any product configuration scenario.
Salesforce CRM stands for Customer Relationship Management. It is used to manage customer relationships, improve marketing and sales efforts, and store data.
Salesforce CPQ stands for Configure, Price, Quote. It is a tool to create accurate quotes, configure complex service or product offerings, and manage pricing.
Yes, Salesforce CPQ is a good career as more companies are adopting this tool to streamline their sales processes. The job scope is expanding across industries of all natures.
Course Schedule
| Course Name | Batch Type | Details |
| Salesforce CPQ Training | Every Weekday | View Details |
| Salesforce CPQ Training | Every Weekend | View Details |
